Vehicle owners frequently seek to upgrade a vehicle by exchanging a component with a compatible component of a different make or model. However, unless the insurance company is notified about the upgrade, the vehicle insurance owner is not insured for the increased value of the upgraded component. If the vehicle owner does notify the insurance company of the upgrade, the insurance policy can be upgraded to cover the increased value of the upgraded component. However, the vehicle owner may be uninformed until the insurance policy is in effect, what the effect of the upgrade is on the premium for the insurance policy, or what value the insurance policy would pay out for the vehicle or the upgraded component in the event of a claim for benefits.
When contemplating an upgrade to a vehicle, the vehicle owner does not have access to insurance information, including how obtaining coverage for an upgraded component would affect the premium for the insurance policy, or what value the insurance policy would pay out for the vehicle or the upgraded component in the event of a claim for benefits. Accordingly, the vehicle owner chooses which component to upgrade and which component type to use for the upgrade without access to the impact of the upgrade on insurance policy premiums or replacement value of the vehicle or the upgraded component in the event of a claim for benefits. Accordingly, there is a need for a vehicle owner to be able to access this information when contemplating a vehicle purchase, vehicle customization, and for a vehicle upgrade.